Magic Eden Ventures funds 11 Web 3.0 gaming studios

Alongside generating revenue and player engagement, the platform supports the gaming infrastructure while offering exposure to partners.

Magic Eden Ventures, the venture arm of cross-chain NFT platform Magic Eden, has invested in 11 web 3.0 gaming studios.

The studios range from both traditional gaming backgrounds and web 3.0 native developers.

The announcement follows a series of moves from the company hoping to push the adoption of web 3.0 games.

Alongside hiring its new chief gaming officer, Chris Akhavan, the firm recently expanded onto the Polygon blockchain and has been backed by several partners including Blockstars, Epic League, MatchDay and Intella X, among others.

“We're still at the beginning of what blockchain gaming will become. Experienced game studios building web 3.0-enabled games are pioneering something special – fun games with digital asset ownership and powerful economies that enable communities and creators to deepen their connection with the games they love.

“It's a powerful combination. We look forward to continuing our support of emerging game studios, and helping them achieve long-term success”, Akhavan said.

By forming partnerships with a range of studios, Magic Eden supports the gaming infrastructure via in-game marketplaces, helps games launch NFT projects while engaging and retaining users from their own games, and creates monetization and engagement across the web 3.0 ecosystem.

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Written by Isabella Aslam

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Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.